Process Involved in Wage Day Advance
Wage Day Advance loans are a great option for people who are running short of cash way before the next payday. The process is simple and one can complete the process, without a hiccup, online.
You get your monthly wage and within a few days you require extra cash for either payment of bills or medical emergency – what do you do in such circumstances? The solution is either to get a wage day advance – that is, a short-term payday loan that is provided by reputable loan providers. The charges usually vary and depend from provider to provider, but with increasing competition, you can easily find a loan at convenient charges.
What are Wage Loans?
The term is derived from the fact that these are unsecured and short-term loans that need to be paid off within two weeks when you receive the next paycheck. The requirements are simple and basic – such as, one must be a resident of the UK and also be employed within the country; he or she must be over 18 years of age; have a checking account which is accompanied by a debit card; and the monthly income must be over £750.
Process of Application
The process for such type of loan is pretty easy and simple. One just needs to research online and find an established lender. This might seem an easy task but one must be very careful while looking for a lender online. Check for online reviews by customers and also check reputable review sites to see what the experts are saying about the website. Once you have found the most suitable loan provider, then check the website and download the loan application form. Provide the details and submit the form online.
Next is the initial approval by the lender who checks the personal information to make sure that the borrower has met all the criteria mentioned in the above section of the article. Once this is done, an approval mail is sent back to the applicant who has to make sure that the details of the amount are rightly mentioned. Next, you resubmit the form with the checking account details and various personal and income details where you want the lender to deposit the money. You also need to read the terms and conditions of the borrower and agree on all the conditions before submitting the final form. Along with the signed agreement documents, you also need to submit a check that will be encashed by the loan provider once the loan time lapses.
After all this is done, the loan money is deposited within a day by the provider and this completes the process of wage loan application.
Wage day advance loans are a great solution to your financial crisis. One must understand that there are pros and cons associated with it and should choose the lender wisely. The advantages are for those who have a bad credit rating because those individuals are legible for such loans. Such unsecured loans are usually carried out via internal scoring system and not through external credit checks. Also, repaying the loan is easy as most loan providers allow you to roll over the loan to the next wage day.